The government closely regulates Dubai’s real estate industry to promote maximum transparency and investor comfort. The Real Estate Regulatory Agency (RERA) regulates property ads in addition to construction. These restrictions help to ensure a level playing field by limiting the misselling or overselling of properties through ads.
Let’s take a closer look at the RERA property advertising restrictions.
RULES FOR RERA PROPERTY ADVERTISING
UAE laws control RERA property advertisement requirements, especially Law No. (8) for 2007. Companies must get real estate advertisement permission to market their developments, according to the laws. Along with the permission, the advertisement material should adhere to the RERA requirements.
Here are some more RERA property advertising guidelines that all parties involved must follow.
- Form A should be signed by both agents and owners. This is a legal agreement that allows real estate agents to market properties on behalf of the owner.
- Property portals are responsible for ensuring that the advertising permissions for the listings on their platforms are valid.
- RERA requires property developers and brokers to get a permission before advertising. Each permit will be assigned a unique number and will be valid for a certain period of time.
- The advertisement permission number provided to each agent, as well as other pertinent information, should be underlined in the advertisement.
- Off-plan property ads must include the RERA-required information. This comprises the developer’s name, phone number, completion date, registration date, and any other information that is required.
IMPORTANCE OF RERA PROPERTY ADVERTISING PRINCIPLES
RERA property advertising standards aid in the transparency of property transaction procedures, benefiting both buyers and sellers. The following are some of the most significant effects of RERA advertising laws on the property market:
REGULATE PRICE TRENDS
The RERA property laws require brokers to mention the complete property price, including any hidden charges, in their marketing. This assists customers in estimating their budget and projecting the total cost of buying or renting the property. Furthermore, fair pricing across platforms leads in a controlled price trend across the market.
Tenants can use the RERA rent calculator to determine the property’s market-competitive rental pricing.
KEEP TRANSPARENCY
One of the most major effects of RERA marketing restrictions is transparency. A controlled advertisement with realistic visuals and confirmed information enables customers to buy what they see online. Furthermore, RERA required brokers to include a QR code in the advertisement that contained all of the relevant information about the marketed property.
ENSURING PROFESSIONAL CONDUCT
Property developers and brokers are prohibited from promoting false or misleading information about the property. The commercial follows ethical norms by displaying only relevant and truthful information. Furthermore, timely updating of online listings is required to save investors time and effort. For example, if a project was marketed as off-plan but has now been finished, the listing should be revised as soon as possible to inform purchasers.
ESTABLISHING TRUST AND REPUTATION
The real estate market in Dubai is consistently displaying favorable trends, drawing investors from all over the world. Because of the flood of investors, the real estate market has become competitive. However, in order to remain relevant in the market, it is vital to create trust and maintain a reputation.
FAQS
WHAT ARE QR CODES ON DUBAI PROPERTY ADVERTISEMENTS?
The QR code on property advertisements helps customers verify property-related information and validate its legitimacy and validity with RERA.
WHAT ARE THE PENALTIES FOR VIOLATING THE RERA PROPERTY ADVERTISEMENT REGULATIONS?
Non-compliance with property advertisement requirements may result in a fine of AED 50,000 imposed by RERA.
CAN I ASK A REAL ESTATE AGENT IN DUBAI TO MARKET MY PROPERTY?
Yes, owners have the option of allowing real estate agents to promote their property. However, the parties must sign a formal agreement (Form A).
The RERA property advertising laws and their market impact are as follows. RERA, in partnership with other government agencies, ensures that the property transaction procedure and the parties involved are as simple as possible. This is one of the primary reasons why Dubai’s real estate market is a favorite among investors.
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